Cost of Living: Memphis, TN vs Jersey City, NJ (2026)

Memphis

Tennessee
68
VS

Jersey City

New Jersey
148

Memphis is 54% cheaper than Jersey City.

$1,123/mo ↓ 41%
Median Rent
$1,902/mo ↑ 69%
$51,211/yr ↓ 46%
Median Income
$94,813/yr ↑ 85%
$157,100 ↓ 71%
Home Value
$534,500 ↑ 240%
$1,087/mo ↓ 46%
Owner Costs
$2,006/mo ↑ 85%
629,063
Population
289,691

Tax Comparison

0%
Income Tax
10.75%
7.0%
State Sales Tax
6.625%
0.64%
Property Tax
2.23%

Affordability

26.3%
rent-to-income
Affordability
24.1%
rent-to-income

Detailed Comparison

When comparing Memphis, TN and Jersey City, NJ, the overall cost of living indices are 68 and 148 respectively (national median = 100). Rent is $779/month cheaper in Memphis, saving renters about $9,348/year.

Median household income is $43,602/year higher in Jersey City. Home values also differ significantly — the median in Memphis is $157,100 compared to $534,500 in Jersey City.

Tennessee has no state income tax, giving Memphis residents a significant tax advantage over New Jersey's 10.75% rate.

Frequently Asked Questions

Memphis vs Jersey City — common questions

Is Memphis or Jersey City cheaper to live in?
Based on our cost index, Memphis is cheaper to live in with an index of 68 compared to 148 (US average = 100).
What is the rent difference between Memphis and Jersey City?
Median rent in Memphis is $1,123/month and in Jersey City it's $1,902/month — a difference of $779/month.
Which city has higher income, Memphis or Jersey City?
Median household income is $51,211 in Memphis and $94,813 in Jersey City. Median household income is $43,602/year higher in Jersey City.
How do taxes compare between Tennessee and New Jersey?
Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to Memphis or Jersey City?
It depends on your priorities. Memphis has a cost index of 68 with median rent of $1,123/mo, while Jersey City has a cost index of 148 with rent of $1,902/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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